Post the approval of the spot Ethereum ETF, ETH price struggles to break the resistance at $3.7K.
Ethereum developers have announced the target for the launch of the Pectra upgrade.
Ethereum (ETH) price witnessed an impressive upsurge in the past seven days, instigated by the SEC’s spot ETH ETF approval. As the week draws to a close, with the ETH approval not priced in yet, ETH struggles to surpass the $3,700 mark.
Prices hit a monthly high of $3.9K on Thursday before sliding to a low of $3,552 on the same day. In the past 24 hours, ETH has shown a modest increase of 1.95% to trade at $3,755, at the time of writing.
Additionally, ETH whales have shown significant movements today. Over 24,603 ETH worth $92 million have been transferred in the past 5 hours. Reportedly, as per WhaleAlert data, these were transferred from Coinbase Institutional to four different unknown wallets.
Ethereum Price Preceding ETF Approval vs Now
Zooming out, over the month Ethereum price performance has increased by 19.75%. This month’s beginning saw prominent declines with the price chart depicting bearish candles. On May 1, prices showed one-day lows of up to $2,815. In the next few days, ETH price witnessed upsurges breaking the $3K resistance.
Notably, the decisive scrutiny on spot ETH ETF fueled a bullish rally in Ethereum price. The altcoin began showing signs of recovery early last week. On May 21, amid mounting anticipation for SEC approval, prices hiked upward hitting $3,837. In the following days, the bullish rally continued with ETH hitting the monthly high of $3,953 according to CMC data.
Ethereum Daily Price Chart (Source: TradingView)
Moreover, presently ETH’s short-term 9-day MA lies above the long-term 21-day MA highlighting a bullish uptrend being sustained. The daily RSI stands at 68.62 indicating that the market sentiment is leaning toward the overbought zone.
Furthermore, analysts’ predictions for ETH prices state the altcoin shows potential to hit a new all-time high of $5K by the end of 2024. For such an occurrence, Ethereum has to break resistance levels at $3,841 and $4,823. However, if the bears take over then prices will fall finding support at $3,367 and $2,864.
After the Dencun upgrade in March, the Ethereum mainnet marches toward the Pectra upgrade. As per the recent update, Ethereum core developers expect Pectra to commence by the end of Q1 2025.
The overall crypto has shown a modest recovery from the recent flat market in the past month. Today the market cap has increased by 0.68% while trading volume declined by 41.11%. Similar to Ethereum, Bitcoin prices have also declined in the past 24 hours and is currently trading at $68,628
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